Nocil rose 1.59% to Rs 111.60 after the company announced commencement of trial production of phase II of expansion at Dahej, Gujarat.
Nocil had earlier intimated about the phase II capex programme of Rs 255 crore approved by its board for expansion of capacities of rubber chemicals at the company's plants situated at Navi Mumbai and Dahej.The company announced on Thursday, 17 October 2019, that it has, after achieving mechanical completion, started the trial runs effective 17 October 2019 at the plant situated at Dahej in Gujarat. The said investment is towards meeting the demand regarding the antioxidants portion of the rubber chemicals business in the country. As a matter of information, rubber chemicals can be broadly classified into antioxidants, accelerators and others. Commercial production will start on receipt of approvals from major customers.
Nocil rose 9.19% to its current market price of Rs 111.40 in four trading sessions from a recent closing low of Rs 102.20 on 14 October 2019.
Meanwhile, the S&P BSE Sensex was up 179 points or 0.46% to 39230.8.
On the BSE, 66,490 shares were traded in the counter so far compared with average daily volumes of 73,050 shares in the past two weeks. The stock hit a high of Rs 113 and a low of Rs 110.55 so far during the day.
The stock hit a 52-week high of Rs 182.3 on 13 Nov 2018. The stock hit a 52-week low of Rs 73.9 on 22 Aug 2019.
Nocil declares its Q2 September 2019 earnings on 04 November 2019.
Consolidated net profit of Nocil declined 35.4% to Rs 32.88 crore as net sales fell 14.4% to Rs 229.59 crore in Q1 June 2019 over Q1 June 2018.
Nocil is a rubber chemicals manufacturer.
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